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SMM Brief on SHFE Copper Prices (2013-7-15)
Jul 15,2013 16:55CST
price review forecast
Source:SMM
SHFE 1311 copper contract started RMB 500/mt lower at RMB 49,730/mt on Monday.

SHANGHAI, Jul. 15 (SMM) – SHFE 1311 copper contract started RMB 500/mt lower at RMB 49,730/mt on Monday. China’s 2Q GDP was in line with market forecasts, pushing Chinese A-shares up by 1.5%. Meanwhile, LME copper stabilized and physical buying increased, driving the most active SHFE copper contract up to RMB 50,290/mt. However, LME copper retreated in the afternoon, pulling SHFE copper for November delivery down to near its opening price. Finally, SHFE 1311 copper contract ended the day down RMB 340/mt or 0.68% at RMB 49,890/mt. Trading volumes and positions added 64,710 lots and 11,026 lots, respectively. The most active SHFE copper contract has met strong resistance at the 30-day moving average, but did find support at the daily moving average.  


 

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